Advertisement
Singapore markets closed

  • Straits Times Index

    3,287.75
    -5.38 (-0.16%)
     

  • S&P 500

    5,003.76
    -67.87 (-1.34%)
     

  • Dow

    37,800.92
    -660.00 (-1.72%)
     

  • Nasdaq

    15,444.63
    -268.12 (-1.71%)
     

  • Bitcoin USD

    63,359.16
    -1,860.51 (-2.85%)
     

  • CMC Crypto 200

    1,374.25
    -8.32 (-0.60%)
     

  • FTSE 100

    8,059.59
    +19.21 (+0.24%)
     

  • Gold

    2,353.60
    +15.20 (+0.65%)
     

  • Crude Oil

    82.16
    -0.65 (-0.78%)
     

  • 10-Yr Bond

    4.7140
    +0.0620 (+1.33%)
     

  • Nikkei

    37,628.48
    -831.60 (-2.16%)
     

  • Hang Seng

    17,284.54
    +83.27 (+0.48%)
     

  • FTSE Bursa Malaysia

    1,569.25
    -2.23 (-0.14%)
     

  • Jakarta Composite Index

    7,155.29
    -19.24 (-0.27%)
     

  • PSE Index

    6,574.88
    +2.13 (+0.03%)
     

Mega project the size of Ang Mo Kio launching soon

PropertyGuru

Artist's impression of Forest City.

A S$58.3 billion mixed-use development the size of Ang Mo Kio is set to rise near the Tuas Second Link in the Johor Strait.

The first phase of Forest City, a 14 sq km mixed-used development comprising four man-made islands, will launch in Singapore, China and Malaysia in the first quarter of 2016, but the sales gallery is already open for bookings.

Aside from condominium units and high-rise coastal residences, Forest City also consists of hotels, retail centres, parks and leisure attractions, which will be developed in nine phases over 20 years.

Master developer Country Garden Pacificview is jointly owned by Chinese property giant Country Garden Holdings and Johor's Esplanade Danga 88.

ADVERTISEMENT

As part of long-term planning, Country Garden is in discussions with the Malaysian government to set up dedicated entry points to Forest City, such as a light rail transit system and a ferry network that will link to Singapore and to the planned high-speed rail (HSR) between Singapore and Malaysia.

This is the biggest overseas development undertaken by Country Garden, which has more than 200 projects globally.

At a global press conference held in Singapore on Friday, the Hong Kong-listed developer said that the project is still under construction and prices of the residential units have not yet been set, but will likely cost around RM1,200 psf (S$400) on average. Comprising two- to four-bedroom units, sizes range from about 818 sq ft to 1,915 sq ft.

Meanwhile, a Straits Times report last year stated that the project could house around 700,000 people. So far, 700 residential units at Forest City have been approved for sale, excluding the 336,000 new private residential units in the pipeline for Johor.

Responding to media queries about the future oversupply in Iskandar's property market, Country Garden Pacificview executive director Datuk Md Othman Yusof said: "We are working with a company (Country Garden) that has a strong capital base and knows how to create their own market. Most of their launched projects are more than 60 percent sold."

Country Garden is also developing a waterfront project in Danga Bay featuring 9,000 residential apartments. Covering 50 acres, phase one and two have launched with more than 6,000 units already sold. More than 50 percent of the units were sold to overseas buyers from Singapore, Indonesia and the Middle East, said the developer.

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

More from PropertyGuru:
Office, retail rents down in Q4: URA
CapitaLand Mall Trust DPU up 3.8% to 11.25 cents in 2015
More help for the vulnerable
Private home prices keep falling